You ask a dealer to evaluate a coin at auction for you...
Barry
Posts: 10,100 ✭✭✭
You ask a dealer, with whom you've worked before, to evaluate a coin at auction for you. He calls and tells you it's a nice coin, agrees with the grade, etc., and worthy of a bid. He then tells you that he plans on bidding on this coin himself (for inventory or another customer.)
What do you do? feel free to add your own):
1. Ask him to bid for you auction anyway.
2. Ask another dealer to bid for you at auction.
3. Just place an online bid yourself.
4. Forget the coin and wait for another one to come along.
What do you do? feel free to add your own):
1. Ask him to bid for you auction anyway.
2. Ask another dealer to bid for you at auction.
3. Just place an online bid yourself.
4. Forget the coin and wait for another one to come along.
0
Comments
One cannot assume that the dealer would have looked at the coin during his normal viewing. In many cases just having a specialist give you a list of "interesting" coins to review at auction, after he completed research, studied the on-line photos, etc. is in some ways giving away the keys to the store.
If there is a conflict the dealer needs to be upfront before he tacks on additional plans. Since you were the one to direct him to the coin he should have either stated I might have an interest in anything you ask me to look at, or you have first dibs. If there was already another customer in the wings, that should have been brought up earlier.
Find another dealer or work it out to your satisfaction. Anytime this has occurred with me, the dealer told me upfront of potential conflicts.
roadrunner
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I recently asked "the dealer" about a coin, something in his specialty. He told me that he knew the coin well from past experience, that he has already had four inquiries on it, and told me approximately what he expected it to sell for. While I doubt that he will bid on it for himself, no doubt he will represent one of the collectors who called him earlier.
I guess it really depends on whether you found the coin for the dealer or he would have found it for himself. Heritage and ANR auctions are not exactly well-kept secrets (if, in fact, this is where your coin is offered).
They understand,and bid themselves online,or ask someone else to view it....
Pretty simple,
Larry
POB 854
Temecula CA 92593
310-541-7222 office
310-710-2869 cell
www.LSRarecoins.com
Larry@LSRarecoins.com
PCGS Las Vegas June 24-26
Baltimore July 14-17
Chicago August 11-15
5. Forget the dealer and wait for an honest one to come along.
Such an occurance is a breach of trust-You have alerted him to something he may want to make a few extra bucks-If a few extra bucks now is more important than your trust and future business- then he is not worthy of your business. True, he may have seen the auction himself but your interest in the coin adds to the desirability for this dealer.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In the case where the dealer may have already been aware of the coin (the more likely scenario, IMO) but had not yet decided whether to pursue it until looking at it, the dealer has actually gone above and beyond the call of duty, because he has honestly given an opinion that is likely to lead to a more aggressive competitor (the collector) as the dealer now pursues the coin for himself. If the dealer knew he was likely to bid on the coin even before viewing it, I agree it would be better to simply tell the collector that he has a conflict and can't help him out by viewing the coin. If the dealer agrees to view the coin, but upon viewing decides to become a bidder, and ONLY THEN tells the collector he has a conflict and can't discuss the coin...I'd be a little peeved then because it may be hard for the collector to arrange for another profession review given the time constraints invovled.
Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I tell my customers that I have a conflict with that coin,and can't discuss it.
They understand,and bid themselves online,or ask someone else to view it....
Pretty simple,
Larry >>
Outbid the dealer and then try and sell it to him at a profit
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since 8/1/6
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
In theory, you are correct, Mark, but only in theory. In the real world, it is a one in a million shot.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
TC71
The collector asked the dealer to do him a favor, namely to look at the coin and tell him how it looked. The dealer did that, and is now being castigated. No good deed goes unpunished.
I have on occasion asked a fellow dealer to check a lot as to die variety or die state for research purposes, and as a favor they have done so. Asking someone to look at a lot for you is not the same as engaging him to bid for you. How was the request made? Either way, the collector is still free to bid as he pleases on the coin.
TD